Real Estate Glossary: C

Cadastral designation
Information concerning an immovable (location, area, value, etc.), contained in the cadastre for a given region.

Public register containing the technical data on each immovable in a given region (lot).
A lot number used to publish the applicable rights is assigned to each property indexed in the cadastre.

Certificate of location
Document containing a report and a plan, in which the land surveyor expresses his opinion on the location and condition of an immovable compared to the titles and the cadastre as well as laws and regulations governing the immovable.

Certificate of practice
Operating permit issued by the Association des courtiers et agents immobiliers du Québec to any natural person, partnership or legal person who meets the legal requirements to carry out real estate brokerage activities in Québec.
The granting of a certificate by the ACAIQ is conditional to the successful completion of a series of specialized real estate brokerage courses and an entrance examination to the profession.

Amount to be paid according to a preset deadline. Tax payable on the use of a public utility, for example.

Closed Mortgage
A mortgage that cannot be prepaid or renegotiated before the term’s end unless the lender agrees and the borrower is willing to pay an interest penalty. Many closed mortgages limit prepayment options such as increasing your mortgage payment or lump sum prepayment (usually up to 20% of your original principal amount).

Closing Costs
Costs in addition to the purchase price of the home, such as legal fees, transfer fees and disbursements, that are payable on the closing day. They range from 1.5% to 4% of a home’s selling price.

Closing Date
The date at which the sale of a property becomes final and the new owner takes possession.

CMHC Canada Mortgage and Housing Corporation.
A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians. CMHC also develops and sells mortgage loan insurance products.

Conditional Offer
An Offer to Purchase that is subject to specified conditions, for example, the arrangement of a mortgage.  There is usually a stipulated time limit within which the specified conditions must be met.

Commitment Letter/Mortgage Approval
Written notification from the mortgage lender to the borrower that approves the advancement of a specified amount of mortgage funds under specified conditions.

Conventional Mortgage:
A mortgage loan up to a maximum of 80% of the lending value of the property. Typically, the lending value is the lesser of the purchase price and market value of the property. Mortgage loan insurance is usually not required for this type of mortgage.

Immovable in which the ownership is divided between several owners. Right of ownership shared between several persons concerning a single property or a group of properties.

  • Co-ownership is undivided when the right of ownership is not accompanied by a material division of the property
  • Co-ownership is divided when the right of ownership is divided between the co-owners in fractions (lots) each containing a unit, materially divided, and a portion of the common area.

Co-ownership fees

Expenses related to the maintenance and management of the common areas of a coownership property. Monthly payment, usually fixed, used to set up a fund to pay for current and unforeseen expenses (repairs, equipment replacement, etc.).

Counter-proposal (or Counter-Offer)
A proposal presented in reply to a promise to purchase or to another counterproposal and which in itself constitutes a new Promise. Note: The first purpose of the counter-proposal is to signify refusal of a proposal by the other party to the  transaction.

Credit Report
The main report a lender uses to determine your creditworthiness. It includes information about your ability to handle your debt obligations and your current outstanding obligations.

Curb Appeal
How attractive the home looks from the street. The first impression you have of a home is important. A home with good curb appeal will have attractive landscaping and a well-maintained exterior.

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